Trump shouts that the economic data is fabricated "we need to lower interest rates immediately": The new chairman of the Federal Reserve will be announced in three days, along with the new director of the Bureau of Labor Statistics.

Trump's surprise appointment of members of the Federal Reserve Board of Governors and dismissal of the head of the Bureau of Labor Statistics has sparked an unprecedented test of the independence of American economic institutions. (Background: Taiwan's collective anxiety over semiconductor tariffs: What is the US "Section 232"?) (Supplementary background: Taiwan's 20% tariff leads to the New Taiwan Dollar depreciating below 30, creating a two-month low, and next week's semiconductor tariffs will be the real challenge.) US President Trump wants the Federal Reserve to drop interest rates immediately, and recently he expressed dissatisfaction with the US Non-farm Payrolls (NFP) data on Truth Social, believing the data is completely fabricated, reducing the likelihood of an immediate rate drop, and promptly issued an order to dismiss BLS head McIntyre: "We need accurate employment data. I have instructed my team to 'immediately' dismiss this Biden-appointed political figure. She will be replaced by someone more capable and qualified." Personnel matters took a sharp turn: the White House targets the Fed and BLS. The timing of the BLS director's dismissal is extremely sensitive—just hours after the official announcement of July's job growth falling short of expectations and significant downward revisions to May and June data, Trump signed the termination order. Former director William Beach expressed outrage: "BLS employees are the most loyal Americans, and the internal procedures are more rigorous than they were 30 years ago; there is no legitimate reason to dismiss the director." Almost simultaneously, Federal Reserve Board member Adriana Kugler announced her early departure, creating an opportunity for Trump to nominate a successor immediately. Candidates named by the public include National Economic Council Director Kevin Hassett, former member Kevin Warsh, and current member Christopher Waller. If a candidate successfully passes through, there is a chance to take over the chairmanship after Powell's term ends in May 2026, potentially reshaping the monetary policy direction. Independence at risk: Two major institutions are facing challenges. The Fed's board members serve staggered 14-year terms, intended to insulate them from short-term political pressures. However, Trump has long expressed dissatisfaction with interest rates being "too high," directly criticizing Powell as "too angry, too stupid, and too politicized." "Powell should step down because he refuses to lower interest rates to what I consider appropriate levels." If the new member leans toward a more accommodative stance, the market fears that short-term stimulus will replace long-term stability, driving up inflation and capital cost fluctuations. According to historical data compiled by the US Chamber of Commerce, the independence of the central bank is highly correlated with low inflation records; once weakened, the market's expectation mechanism will be the first to suffer. For the BLS, the director does not directly compile or adjust data, but their dismissal undermines trust in the institution's methodology and results. The Economic Policy Institute harshly criticized this move as "undemocratic and economically dangerous," warning that it could long-term push the US into a "data manipulation governance" gray area. Institutional defenses: What protective measures remain? For the Fed, presidential nominations still require Senate approval, and the presence of regional reserve bank presidents at the decision-making table helps to diffuse the pressure from a single appointment. However, once more than half of the board seats are changed, the policy tone may still lean significantly. The BLS, however, does not have similar protections. Although the process follows scientific procedures such as fixed sampling, seasonal adjustments, and post-revision, the director's fate rests entirely with the White House. Statistical advocacy organizations, including "Friends of the BLS," are calling on Congress to legislate fixed terms for the director to avoid "aesthetic yet inaccurate" data becoming the norm. Relevant organizations emphasize that data that loses credibility will turn corporate investments, wage negotiations, and household consumption decisions into gambling. Market and global perspectives: How uncertainty evolves. After Trump's announcement of the dismissal and potential nomination news, the dollar weakened slightly, and US Treasury yields fluctuated, indicating a lack of consensus on future interest rate paths. Investors are increasingly concerned that if official data can be "adjusted on demand," the demand for safe havens will spread globally. If the employment, wage, and inflation baselines relied upon by corporate internal budget models become unpredictable, it will force an increase in capital costs. Related reports: Trump angrily fires BLS director! When "truth" becomes a toy of presidential power, the US economy is plunging into a blind storm. The US sends nuclear submarines to threaten Russia! Trump: Medvedev's remarks are too provocative; I just want to stop the Russia-Ukraine war. Trump revealed he once considered "splitting Nvidia" but found Nvidia too strong; Jen-Hsun Huang offered rainbow praise in response. This article was first published in BlockTempo, the most influential blockchain news media.